This article is from the Australian Property Journal archive
A STRATEGICALLY placed two-storey commercial building in one of Southern Sydney’s most significant industrial growth corridors has sold for $15.5 million to a private investor.
Spanning 2,344sqm, the commercial building, at 52-60 Kent Road in Mascot, occupies 4,048sqm site and offers potential for a substantial 1.2:1 gross floor area upon redevelopment or reconfiguration, making it flexible for a range of occupiers and operations.
“In this scenario, the pricing reflects both the land and building value, offering the new owner flexibility to generate a steady income. This allows them the time to assess and determine the future prospects for this site,” said Michael Crombie from Colliers.
Crombie and Jackson Wray from Colliers managed the deal on behalf of Dick Smith Investments, with the transaction generating eight bids and second round offers before selling to a private investor.
“It was a brilliant campaign, drawing considerable interest from numerous buyers, with an owner-occupier successfully securing the site,” added Wray.
The corner lot is zoned E4 General Industrial and boasts three street frontages, a height limit of 44 metres enabling vertical redevelopment and 74 parking spaces.
The property sits just five minutes from Sydney Airport, 20 minutes from the Sydney CBD and a short walk to Mascot train station and the Meriton Town Centre shopping precinct.
Located within a significant industrial business park development, will also provide a secure holding income.
